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201201745
<br /> All insurance policies required tsy Lender and renewals of such policies shall be subject to Lender's right to
<br /> disapprove such policies, shall include a standard mortgage clause, and shall name I ender as mortgagee
<br /> and/or as au additiqnal loss payee. Lznder shall have the right to hold the policies and renewal certificates. lf
<br /> Lender requires, Borrower shall promptly give to Lznder all receipLs�f paid premiums and renewal notices.
<br /> If Borrower obtains any fonn of insurance coverage, not otherwise required by Lender, Por damaee to, or
<br /> destruction of, the Properry, such policy shall include a standard mortgaga clause and shall name Lender as
<br /> martgagee wd/or as an.additional loss payez.
<br /> In the event af 1oss, Borrower shall give prrnupt notice La the insurauce carrier and Lender. Lender may
<br /> make proof of loss if not made promptly by Borrower. Unless Lender and Borrower oflierR�ise agree in
<br /> wtiting, any insurance proceeds, whether ox not the underlving insuzance was required by Lender, sha11 be
<br /> applied to restoxafion ox repair of the Propexty, if the Testoration or repair is econoivically feasible and
<br /> Lender's security is not lesscned. During such repair and restoration period, Lender shall have the right to
<br /> hold such insLUance proceeds until Lender has had an opportunihr to inspect such Property to ensure the
<br /> work has been completed fo I,ender's satisfaction, provided that such inspec�,on shall bc undertaken
<br /> proinptiv. Lender may disbm-se proceeds for the repairs and restoration in a single payment or in a series of
<br /> progress pa}�ments as the work is completed. Unless an agreement is made in writing or ApplicaUle I,aw
<br /> requues interest to be paid on such insurance procezds, Lender shall not be required[o pay$onower any
<br /> interesE or earnings qn such proceeds. Pees for public adjusters, or other thicd pazties, retairied by Borrower
<br /> shall not be paid oui of the insurance proceeds and shall be the sole obligarian of Borro��er. If the restoration
<br /> ar repair is noti econoiriically feaslble or Lender`s security would be lessened, the ivstuance proceeds sh211 be
<br /> applied ta the�iuns secured by thls Secui'ity Instrument, whether or not then due, wtth the excess, if any,
<br /> paid to Borrower. Such insuraxie;e procceds shall be applied in flie order provided for in Section 2.
<br /> If Barrower abandons the Properry, Lzader may file, negoriate and settle any available insurance claim and
<br /> related matt�s. Ii Bonowcr does not respond within 30 days to a noYice from Lender that the insurance
<br /> cazrier has offered to settle a claim, then Lender may negofia[e and settle fhe claim. '1'he 3Q-day period will
<br /> beein when the notice is given. In either event, or if Lender acquires the Property under Secrior.22 or
<br /> othenvise, Bmzow¢hereby asslgns to Lender(a) Borrawer's rights to any insurance proceeds in an atnount .
<br /> not to exceed the amouats unpaid under the Note or this Security Instrwnent, and(b} any ofher of
<br /> Borrower's ri�ts (other than the right to any refund oP�uieamed premiums paid Uy Borrower)imder all
<br /> insurance policies covering the Property, insofar as such rights are applicable to the coverage of the
<br /> Property_ Lender may use the insuzance proceeda either to replir or rastore the Property or to pay amounts
<br /> unpaid under the Note or fhis Security Instrument, whethex or not then due.
<br /> 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower s przncipal residence
<br /> within 6Q days after the execution of this Sccurity Instrument an�i shall contume to oa,-upy the Yroperty as
<br /> Borrower's principal residence Por at least one yeaz after the date of occupancy, unless I,ender otherwise
<br /> agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circwnstances
<br /> exis[wtuch azc Ueyond F3orrower's conCrol.
<br /> 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall aot des�c�y,
<br /> damagc or unpair the Property, a11ow flie Progerty to deferiorate or eominit waste on the Property. VJheTher
<br /> or not Borrower is resicling in the Property, Bon-ower shall maintain Lhe Property in order to prevent the
<br /> Property from decerioraring or decreasing in value duc;to its condition. Unless it is determined pursuant to
<br /> Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property
<br /> if dainaged to avoid further deterioration or damage. If insurance or condemnation proceeds aze paid in
<br /> connection with damage tq or the taking of, the Property, Borrower shall be responsible for repairing or
<br /> restoring the Property only if Lender hes released proceeds for such pLUposes. Lender xnay disUurse proceeds
<br /> zs000aaa
<br /> NFBRqSKA-Single i-amily-Fannie MaeiFreddieldac UNIFOR61 INSTROl1ENT Form 3028 1/01
<br /> VMP� VMPBMF�('I�OS)
<br /> Vlolfsrs Kluwer Fnan�ial Services Page 1 of 1]
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